BTC yesterday as highlighted in the video had the bears very comfortable with a worst case scenario of a 4 hour equilibrium.
The bears came out on top and dropped the price to lower lows, leading to a dump and break of supports.
We are now looking for a daily support level to form, but we have to continue to keep in mind that the bears have favor in this setup.
As long as that is the case, there is no need to cover their positions and all the pressure remains on the bulls.
If we break $6,300 we will have a new weekly lower high at $6,823 to be watching for the rest of the month,
but there will also not be much support left before key $6,106 and 6,000 levels.
I was stopped out of my small position entry and due to keeping it small it gave back about 7% of yesterday's profit trading stocks.
The bears came out on top and dropped the price to lower lows, leading to a dump and break of supports.
We are now looking for a daily support level to form, but we have to continue to keep in mind that the bears have favor in this setup.
As long as that is the case, there is no need to cover their positions and all the pressure remains on the bulls.
If we break $6,300 we will have a new weekly lower high at $6,823 to be watching for the rest of the month,
but there will also not be much support left before key $6,106 and 6,000 levels.
I was stopped out of my small position entry and due to keeping it small it gave back about 7% of yesterday's profit trading stocks.
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Improve your TA with our free ebooks chartguys.ac-page.com/lp-all-ebooks?utm_source=tradingview&utm_medium=social
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Checkout our full trading resources online chartguys.com
Improve your TA with our free ebooks chartguys.ac-page.com/lp-all-ebooks?utm_source=tradingview&utm_medium=social
Improve your TA with our free ebooks chartguys.ac-page.com/lp-all-ebooks?utm_source=tradingview&utm_medium=social
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.